Part 2: Project Implementation Status Another project you are acting as associate PM is in the execution phase. It is an engineering project that has specific statements of work calling for parts, specifications, and acceptable tolerance levels, along with price, delivery, and other contracted terms. This project has a budget and schedule that is baselined and has a management reserve of 5%. Next week, you must present a status report of the project to the PMO and explain how you are managing the scope, timeline, and other aspects of the project. Summarize the state of the project. Be sure to: Evaluate the 4 key areas where you will focus your efforts on when analyzing and monitoring the scope of the project. Describe 3 monitoring or controlling activities or processes you would engage in to ensure that product quality, cost, schedule, and risks are according to the plan. Describe 4 activities you might engage in or documents you may help deliver in the closing phase. Explain project termination for this engineering project. It will be integrated into the company's existing product line manufacturing system once completed